Product: A health supplement made of local ingredients in the form of tablets and an energy drink.
Benefit of product: Taken daily, Nectarmin is proven to boost energy levels and strengthen the immune system.
Manufacturing process: Outsourced.
Channel to market: Retailing at health shops and supermarkets nationally. Proposed prices are $3.50 (drink) and $34.95 (50 tablets).
CURRENT STATUS OF BUSINESS
Product development: Prototype developed.
Logo and packaging designed.
Intellectual property protection: Not yet sought.
Other regulatory approvals: Not yet sought.
Capital to invest: $50,000.
Market research/proof of demand: Yes.
Management and personnel:
Staff requirements: Owner aims to work in the business fulltime but will support him/herself through the start-up phase by other forms of income.
Outsourced functions: Production, packaging and distribution.
Marketing and selling
Target market: Fitness, health conscious, medium to high-income earners and active retired people looking for a supplement to complement a healthy lifestyle.
Competition: Although health store shelves are bulging with health supplements, Nectarmin believes there is an opportunity for a homegrown product focused on boosting energy levels.
Promotion and advertising: Limited advertising budget initially. Plans to advertise in health magazines.
Distribution channels: Retail at health stores and health product section in supermarkets.
